This is freaking unbelievable.
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David Goldman, portfolio strategist at Asteri Capital in New York and former head of debt research at Bank of America Corp., the biggest U.S. bank by market value: "This is a serious crisis. For Bear's stock price to go to effectively zero, contrary to market expectations, even at the close on Friday, tells us that something is systemically very wrong and we're at a very dangerous moment.''
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One of the world's largest investment banks has collapsed, taking its place along other major collapses in banking history such as the Barings collapse. They've lost over 98 percent of their value from what it was barely two and half weeks ago, as everyone began making a run on the bank, taking out $17 billion.
JP Morgan, one of BearStearns longtime rivals, bought out the ENTIRE FREAKING bank for about $240M, that`s barely $2/share, shares that were once worth nearly $170 each!! Their 45-story HQ building alone is worth over a billion.
I told my mom about it today morning before I left for work and she laughed and said alhamdulillaah.
JPMorgan to buy Bear Stearns for $2 a share - U.S. business - MSNBC.com
Bloomberg.com: Worldwide